---
title: "Nobel Peace Prize in 2006 — Definition & Meaning"
description: "The 2006 Nobel Peace Prize was awarded to Muhammad Yunus and Grameen Bank for promoting development through microcredit, impacting poverty reduction."
url: "https://modeldiplomat.com/learn/glossary/nobel-peace-prize-in-2006"
---

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Model Diplomat Research Team · Last reviewed June 22, 2026

TL;DR

- The 2006 Nobel Peace Prize was awarded jointly to Bangladeshi economist Muhammad Yunus and the Grameen Bank for advancing economic and social development through microcredit.
- Who won the Nobel Peace Prize in 2006 and why?
- When and where did Yunus begin his microcredit work?
- What is the significance of Grameen Bank's group-lending model?
- What role did Yunus assume in Bangladesh in 2024?

[Civil Service & Diplomatic Exams](https://modeldiplomat.com/learn/civil-services/glossary)Updated June 22, 2026

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## Timeline

1. 13 October 2006

   The Nobel Peace Prize in 2006 was awarded by the Norwegian Nobel Committee to Professor Muhammad Yunus and the Grameen Bank, which he founded, "for their eff…

2. 10 December 2006

   The Nobel Peace Prize in 2006 was awarded by the Norwegian Nobel Committee to Professor Muhammad Yunus and the Grameen Bank, which he founded, "for their eff…

3. 8 August 2024

   In a striking development, following the July–August 2024 mass uprising and the resignation of Prime Minister Sheikh Hasina, Yunus was appointed Chief Advise…

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Example

In 2006, the Norwegian Nobel Committee awarded the Peace Prize jointly to Muhammad Yunus and his Grameen Bank, citing their use of microcredit to lift Bangladesh's rural poor, especially women, out of poverty.

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